ITAT Ahmedabad held that disallowance of revenue expenditure treating it as capital merely on the basis of description of the expenditure without any substantive record is unsustainable.
ITAT Amritsar held that revisionary order under section 263 of the Income Tax Act unsustainable as AO accepted the deal of sale of agriculture land with a conscious and independent application of mind.
ITAT Delhi held that addition u/s 69 of the Income Tax Act towards unexplained investment untenable as source of investment made by the appellant stands sufficiently explained.
ITAT Raipur held that addition in case of bogus purchase transaction restricted to the extent of the difference between the gross profit of genuine purchases transactions and gross profit of bogus purchases transactions.
ITAT Mumbai held that amount under the head ‘capital gain’ not taxable as there is no transfer of any right, title, or interest in the property.
ITAT Hyderabad’s decision on Shridhar Madhav Diwan vs DCIT case emphasizes re-examination of denied foreign tax credit due to late Form No. 67, aligning with DTAA provisions and Income Tax Rules.
ITAT Delhi held that as per provisions of section 44 of the Income Tax Act there is no requirement of head wise bifurcation while computing income u/s 44 in case of insurance company. Thus, provisions of section 14A are not relevant to make a disallowance.
ITAT Mumbai held that employee’s contribution paid on day next to the due date and due date being a national holiday. Matter remanded back to AO for examining the payments made and allowing the deduction u/s 36(1)(va).
A discussion on ITAT Ahmedabad’s ruling condoning the late filing of an appeal due to the negligence of the tax practitioner, in the case of Sanjeev Harshadrai Sheth Vs ITO.
ITAT Amritsar held that a reasonable opportunity should be given to the assessee before making addition u/s 40A(7) of the Income Tax Act before processing rectification application u/s 154.
